ТОВ „Стандарт-Рейтинг” (Украина)
04071, Україна, м. Київ,
вул. Введенська 4,
тел. +38 /044/ 383-59-64
факс +38 /044/ 383-27-50
http://www.standard-rating.com/
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Standard-Rating (Ukraine) LLC
04071, Ukraine, Kyiv,
Vvedenska St. 4,
tel. +38 /044/ 383-59-64
fax +38 /044/ 383-27-50
http://www.standard-rating.com/
|
06/20/2012
Press-release
(Translation from Russian)
The rating of the insurance company «Ukrainian Security Insurance Company» is updated
June 20, the rating committee of RA «Standard-Rating» has decided to update the credit rating (the financial stability rating of the insurer) of Private JSC «Ukrainian Security Insurance Company» at the level uaA+ according to the national scale. The insurer with rating uaA+ is characterized by a high financial stability, compared to other Ukrainian insurers. The level of stability is susceptible to adverse commercial, financial and economic conditions.
The rating of JSC «Insurance company «Ukrainian Security Insurance Company» (IC «USIC») has been updated on the basis of the analysis of the Company’s activity in the Q1 of 2012 (see table).
Table
Key indicators of Private JSC «Ukrainian Security Insurance Company» in the Q1 of 2012, th. UAH, p.p., %
#
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Indicators
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Q1 of 2012 (31.03.2012)
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Q1 of 2011 (31.03.2011)
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Change
|
Growth rate, %
|
1
|
Total gross premiums, including
|
20198,2
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22613,9
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-2415,7
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-10,68%
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2
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from insurants-individuals
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7457,8
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3670,4
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3787,4
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103,19%
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3
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from reinsurers
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173,7
|
223
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-49,3
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-22,11%
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4
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Proportion of individuals in gross premiums
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36,92%
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16,23%
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20,69 p.p.
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-
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5
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Proportion of reinsurers in gross premiums
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0,86%
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0,99%
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-0,13 p.p.
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-
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6
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Insurance payments sent to reinsurers
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14189,8
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18162,6
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-3972,8
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-21,87%
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7
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Coefficient of dependence on the reinsurers
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70,25%
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80,32%
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-10,06 p.p.
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-
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8
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Net premiums
|
6008,4
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4451,3
|
1557,1
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34,98%
|
9
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Premium earned
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6121,9
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3803,1
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2318,8
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60,97%
|
10
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Financial result from operating activities
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878,3
|
359,3
|
519
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144,45%
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11
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ROS
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4,35%
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1,59%
|
2,76 p.p.
|
-
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12
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Insurance indemnities and compensations
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2362,2
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972,6
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1389,6
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142,87%
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13
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Insurance indemnities/premiums ratio
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11,70%
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4,30%
|
7,39 p.p.
|
-
|
14
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Shareholders’ equity
|
27320,2
|
27191
|
129,2
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0,48%
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15
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Liabilities
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22772,4
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18610,5
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4161,9
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22,36%
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16
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Shareholders’ equity/Liabilities ratio
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119,97%
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146,11%
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-26,14 p.p.
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-
|
17
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Liquid assets
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10276,7
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8155,3
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2121,4
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26,01%
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18
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Liquid assets/Liabilities ratio
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45,13%
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43,82%
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1,31 p.p.
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-
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19
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Net profit
|
49
|
107,5
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-58,5
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-54,42%
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20
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ROE
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0,18%
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0,40%
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-0,22 p.p.
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-
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1. Gross premiums of IC «USIC» have reduced by 10,68% following the results of the Q1 of 2012, compared to the same quarter of 2011. Net premiums of the insurer have increased from UAH 4,451 mln up to UAH 6,008 mln, or by 35%, premiums earned have grown by 60,97% from UAH 3,803 mln up to UAH 6,121 mln. The financial result from operating activities of IC «USIC» has grown by 144,45% and has amounted to UAH 878,3 th. according to the results of the Q1 of 2012. The activity of the insurer has remained profitable in the Q1 of 2012.
2. In the period from 31.03.2011 to 31.03.2012 liquid assets of the Company have grown by 26,01% and have reached to UAH 10,276 mln. Liabilities of the insurer have grown by 22,36% in the same period, thus, the liquid assets/liabilities ratio has grown by 1,31 p.p. The liquidity ratio of IC «USIC» has been lower, than the average of the system, although that has been compensated by the unprecedented high level of capitalization. As of 31.03.2012 the capital of the insurer has been by 20% more than the liabilities taken by IC «USIC».
3. In the Q1 of 2012 IC «USIC» has paid UAH 2,362 mln. Indemnities have grown by 142,87% compared to the Q1 of 2012, the insurance indemnities/gross premiums ratio has grown by 7,39 p.p. and has amounted to 11,7% that is in several times less, than the market average among the companies engaged in the classical insurance. The growth of indemnities hasn’t had a significant impact on the insurer’s profitability and its credit risks.
Therefore, the activity of IC «Ukrainian Security Insurance Company» has remained profitable in the Q1 of 2012. The Company has demonstrated the increase of liquidity, the unprecedented high level of capitalization and has had a high level of external support from the shareholders.
RA «Standard-Rating» (Ukraine)
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